Five RE Tampa Bay Center, LLC Sold the 142,350-SF Retail Property to Equity Management Partners, Inc.
TAMPA, FL, AUGUST 29, 2018 – Cushman & Wakefield has negotiated the sale of Tampa Bay Center, a 142,350-square-foot urban infill shopping center in Tampa’s Westshore Business District. Anchored by Ashley HomeStore and Floor & Décor, the property is considered a best-in-class retail center with diverse internet-resistant tenancy.
The Cushman & Wakefield team of Managing Director Jason Donald, Managing Director Patrick Berman and Associate Todd Tolbert represented Five RE Tampa Bay Center, LLC in the disposition of the property. The buyer is Equity Management Partners, LLC, a Tampa Bay area firm that acquires and manages income properties spanning a variety of asset types, including retail, office, hotel and multifamily.
Tampa Bay Center is situated on 11.57 acres at 2905 N. Dale Mabry Highway, along Tampa Bay’s primary commercial artery, just south of Raymond James Stadium. The previous ownership invested $5 million into renovating the property, which was formerly anchored by Kmart. The shopping center was 97 percent leased at time of sale to nationally recognized tenants.
The Ashley HomeStore within the shopping center, which serves as a flagship for the national furniture retailer, is used to introduce new signature product lines and is one of the top-performing Ashley HomeStores in the country. In addition to the two anchors, Ashley HomeStore and Floor & Décor, other tenants include The Tile Shop, Dollar Tree, Metro PCS and a free-standing WingHouse restaurant, which is the Florida-based chain’s best performing location.
“The previous owners of this property were highly successful in repositioning it as a top retail asset capable of retaining and attracting a diverse and stable mix of credit-worthy tenants,” said Donald. “We received significant interest in this property, and ultimately, we are pleased to have selected a local firm with strong track record in the Tampa Bay market as the buyer.”
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.